Store of Value & Payments

Behaviors

• For transferring money from a bank account to mobile money uses USSD codes instead of bank application
• Chooses not to install bank application
• After receiving a salary needed amount for the month is being transferred to Mobile Money
• Prefers using cash, and says having cash on hand does not increase spending behavior
• Took a loan from the bank and some smaller loans from friends
• When giving loans to other people usually gives only the amount that is willing to lose, because some people are not really reliable
• Very careful how spends earnings
• Believes that cashless transactions lure you to overspend
• Mobile Money is used for all daily transactions

  HAS COVID-19 CHANGED THE WAY YOU PAY FOR THINGS?

  • I’m a cash person, cash is king, so… I really love to touch the money, to feel the paper, the hard work. So, I didn’t really use mobile money as much, unless maybe someone who’s far away that I have to send the money to.

HOW DO YOU SEND/RECEIVE MONEY ABROAD?

• Mostly when it’s work-related, I’m gonna use our work Bank Account. So, that’s business but if it’s a personal thing I use that thing from Kenya… mPesa.

• Sending money to the country side via Mobile Money
• Sending money to different bank accounts via USSD codes
• Had issues with USSD codes when switched bank, solution was to call customer service for help

BED.MONEY NOTES This participant has confirmed something we found interesting in other user personas and that is that they have never experienced to send money to someone who is using a different provider, like Airtel or Tigo.

Examples :::spoiler Participant 1 Participant 3 Participant 8 :::

Conveniences

• Cash
  • Easier to track and manage
  • No fees
  • Preferred payment method
• Mobile Money
  • Sending money to someone who is in a long distance
  • Pushing & Pulling money from a bank account using USSD codes

Frustrations

• Doesn’t like to go through the long and tedious process for creating an account with financial apps

  • With the application, they’re going to ask you a lot of things. You’re going to have to add in your bank account. They’re gonna ask you some other stuff. Mobile Money is already connected to my phone, I can use USSD codes, I just need to put the code and my password. My account can do anything, whatever I want.

• Confusion for memorizing all USSD codes

Money Management

• Finds it really easy to save and tries to minimize expenses
• Has 4 envelopes for 4 weeks of spending in a month
• Created a savings account where is hard to withdraw money, you can have access to it only twice a year and that is good to discipline yourself
• Finds it easy to keep track of balances in a bank account because the bank sends you an SMS and an Email

  • With the bank is much easier to track because they send you an SMS and an Email, you have the sender, the amount and the date everything is there.

• Also finds it easier to manage cash instead online payments

  • When you have cash on you, you can see your wallet is being drained. Oh, damn, I only have 500 or 1000 remaining.

• When there is a need for something of a very high purchase, practice is to save until is able to afford it

Privacy, Security & Backups

Behaviors

• Is very conscious about pin security

  HAVE YOU EVER GIVEN YOUR PASSWORD TO SOMEONE ELSE?

  • Only one person, one family member. There was a time they really needed money and I had to give them the account credentials.

• Important files are always backed up on Google Drive
• Backup and Storage is on top of mind
• Phone’s memory is large and is very less likely to run out of space
• Rarely uses a computer to backup information from phone. Done it once.

Conveniences

• Phone has storage of 150 GB
• Computer has storage of 500 GB

Frustrations

• Hesitates to give a phone number to an app that is new or not really reliable

HOW DO YOU FEEL WHEN AN APPLICATION, ASKS YOU FOR A PHONE NUMBER?

• Depends on the reputation. AudioMack is a big app all over the globe. You know, if it’s a new app or some app that nobody knows, I don’t really give them my number, because someone might be hacking my Mobile Money. However, if it’s really like an incredible app like AudioMack, or Instagram, then I’ll just give it. I won’t be hesitating.

LET’S SAY YOUR PHONE NEEDS REPAIRS, YOU GO TO A REPAIR SHOP AND THEY ASK YOU TO GIVE THEM YOUR PHONE’S PASSWORD; WHAT DO YOU DO?

• There’s this place called CarlCare which is really credible. It’s only place I’ve ever given it… It’s an international organization actually. That’s where I’ll only be comfortable to give out my password. Because they are professionals.
• There’s [a contract] where you sign and in case they misuse the password, you can sue them and take them to court.